Quote from: Cloudstrife25 on January 07, 2018, 06:25:20 PM

Hello! I am a Filipino currently residing and working in the UK. I have been investing into crypto since November 2017. I use a USA-based Gemini exchange to deposit GBP and get me started with crypto investing. Now what if I make 1M USD profit out of a coin? What are the tax implications?

The only tax that you will be getting is that if you declare it on your SALN when you get back here in the philippines and the BIR will surely to hunt you down.

Quote from: Cloudstrife25 on January 07, 2018, 06:25:20 PM

SITUATION A
If I convert BTC to USD in my Gemini exchange, will that already be subjected to tax? Will USA tax me considering I do not reside there? Now of course I have to transfer the money to my UK bank. If my UK bank receives it, will I have to declare the money as capital gains taxable to HMRC? Or is it treated as betting/gambling wins, therefore free of tax?

I think once you converted the bitcoin to cash its already due to tax if you pass the non taxable gain,it depends on the scale of the money you are converting.

Quote from: Cloudstrife25 on January 07, 2018, 06:25:20 PM

SITUATION B
If I send BTC to coins.ph (Philippine Digital currency exchange), then convert it to PHP, will that give me max profit considering the new tax scheme under TRAIN law?

The problem is that in coins.ph to verify your account will need a lot of days specially when you are at level 3 onwards, processing time and the amount of documents you will be needing will be enormous.

TRAIN law only affects the goods that corporation imports to our country it doesnt affect bitcoin.

Quote from: Cloudstrife25 on January 07, 2018, 06:25:20 PM

Basically, I want to know the best way to lessen the amount of tax that I have to pay. Do I have to record every trade transactions that I make? Because I will start now if I have to.
Thanks ever so much to anyone who will answer.

I cant really tell you on how to lessen the tax but i think our government right now is not taxing what you get from bitcoin, yes they do regulate but only the exchages like coins.ph

what im afraid is that, when you want to withdraw more money in coins.ph you need to a lot of personal documents and it might trigger our government specially BIR to hunt down bitcoin user using the information they get at coins.ph